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by Gilles Moutounet
Contents
Global Luxury Products Market Indian Luxury Products Market Key Growth Drivers Business Outlook Consumer Profile: Luxury Products in India Socio Economic Profile Emotional Drivers and Influencers Buying Behavior Indian Luxury Market: Critical Success Factors Indian Luxury Market: Gitanjali Perspective
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Indian market is dominated by Jewellery whereas as Global market is dominated by Apparel and Accessories . AND IS EXPECTED TO GROW AT CAGR OF 25% OVER NEXT 5 YEARS
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Number of Indian Tourists travelling abroad (Figures in Mn) With increasing international exposure, more people are getting exposed to international brands. With easy access to internet, people are becoming more aware about various brands. Consumption per capita USD With increase in consumption spend on non-essential items, demand for luxury goods increases. No guilt feeling associated with spending on luxury.
Increasing Consumerism
Increase in number of luxury brand outlets With easy availability of luxury goods within the country, the local sales have been increasing.
Source: AT Kearney Research Report *HNI is defined as someone whose income is > 1$Mn
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Market Potential India has the 2nd largest population and the largest youth population in the world Emerging Market Worlds third largest diamond jewelry market, and growing swiftly ($5bn by 2013) Total domestic jewlery is worth $ 27 bn
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Who is this Luxury consumer? What is Socio Economic profiling of Luxury Consumer in India?
What does this Luxury consumer do? What is the source of affluent lifestyle of Luxury Consumer
What are consumer needs and wants? What influences him to focus on certain products?
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The boom in corporate India has created a new breed of luxury consumers. These are people who have experienced rapid enhancement in their earnings and consequently spend on themselves. They tend to be less prolific in their purchase, they are emerging as a promising segment.
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History
Longevity
Expensive
International Recognition
Exclusivity
Less important Source ET consumer research across 6 cities and 490 consumers
More important
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Price Sensitive
Demand Value for Money which is mostly because of traditional cultural values
Expectations
High standards of service expectations as the Luxury Consumer will mostly have long term association with the product
Personalization
Personalized connect is important because Indian consumers has high emotional association with the products they own or acquire
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Brands should help India to create an environment to develop the existing infrastructure
Foreign brands need to understand the Indian personality and fashion elements to Indianise their products
Luxury consumer in India is increasingly becoming brand conscious which has high visible value
Branding campaigns and participation in Media
A win-win situation for global brands is to utilize the talented and cost effective Indian designers
Brands would benefit by keeping their prices competitive and offering entry level products as well
WHICH CAN HASTEN THE PROCESS OF MARKET CAPTURING AND BRAND BUILDING 14
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50 Giantti doors
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THANK YOU
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